SUNDAY, 1:20pm: The Knicks officially announced that they have waived White.

SATURDAY, 3:32pm: White is negotiating with several teams in China for better money than he could find in the NBA, tweets Jared Zwerling of ESPNNewYork.com.

2:56pm: The Knicks will let go of James White and his non-guaranteed salary for next season, agent Bill McCandless tells Shams Charania of RealGM.com (Twitter link). The report indicates the Knicks will be declining a team option on White, but White is listed as having a non-guaranteed deal at ShamSports.com. White's deal was to have become fully guaranteed if he weren't waived on or before June 30th, so that amounts to a team option anyway.

Several other NBA teams are interested in the 30-year-old small forward, and White's representatives are in talks with a team in Europe, Charania writes. White's camp expects additional overseas interest to develop as well.

"I don't know what it will be, but I am sure that James will make more money in 2013-14 than he has in any prior season," McCandless said. "James loved his time with the Knicks, and he’s looking forward to a new team, where assuredly he would play more."

White, who made the two-year veteran's minimum of $854,389 this year, was set to make only the minimum salary for next season, but the team's decision doesn't come as a complete surprise considering White's limited role with the Knicks. White averaged 2.2 points in 7.6 minutes per game over 57 contests in New York this season, though he did make 16 starts when the team was dealing with injuries to its regulars. White and the Knicks had spoken about extending the guarantee deadline on his deal, but when the team came away with Tim Hardaway Jr. in Thursday's draft, that dissuaded the Knicks from changing the terms of the contract, according to Charania.